What is an Income Statement? — Revenue, expenses, profit
The income statement (P&L) is a financial report showing the business's revenue and expenses for a period (usually a year). The difference is net profit or loss.
Definition
The income statement (P&L) is a financial report showing the business's revenue and expenses for a period (usually a year). The difference is net profit or loss.
Details
Structure: Sales revenue − Cost of goods sold = Gross profit − Operating expenses = Operating profit − Taxes = Net profit. Filed annually to the Central Registry together with the balance sheet.
Example
Annual P&L: Revenue 6M MKD − Expenses 4.5M MKD = Profit 1.5M MKD − Tax 10% (150K) = Net profit 1.35M MKD.